New figures from the Yorkshire Building Society (YBS) revealed the huge North-South divide in property prices. It found homes across half the country are now more affordable than they were before the financial crisis.

Cities such as Edinburgh and Birmingham have seen wages rises faster than property prices in the last ten years.

But in London and the south east, the dream of owning a home is becoming more unrealistic.

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Andrew McPhillips, chief economist at YBS said: “Across London and large swathes of southern England, which were already some of the most unaffordable parts of the country, it has become increasingly difficult for first-time buyers.

"The North of England, Wales and Scotland present a different picture entirely, with many places, such as Edinburgh, Peterborough and Birmingham, becoming more affordable than they were before the credit crunch."

According to the UK's largest mortgage lender, Halifax, the average price for a home rose by 1.1 per cent in August to £222,293, thanks to strong employment figures and a shortage of properties on the market.